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Economic Conditions for the Las Vegas Valley October 2011 (includes Henderson & North Las Vegas)

Las Vegas Area Homes for Sale

Las Vegas Area Homes for Sale

Las Vegas Area Homes for Sale

 

  • Foreclosure/Short Sale Listings (8/15/2011): Total Listings 13073; Short Sales: 6021, 46% of all listings; Bank Owned Listings: 3060, 23% of all listings. Short sale and REO listings consume 69% of total listings
  • New Home Sales (August 2011, units sold): 366 Year Change -+9.9% (excl condo conversions, highrises)
  • New Home Sales (August 2011, median price): $197,490 Year Change -1.9% (excl condo conversions, highrises)
  • Existing Home Sales (August 2011, units sold): 4363 Year Change +49%
  • Existing Home Sales (August 2011, median price): $107,000 Year Change: -12.3%
  • New Home Permits (August 2011): 331 Year Change -14.2%
  • Rental Rate (MLS Monthly Average July 2011): $1434/month

My analysis: Distressed listings (foreclosures and short sales) are 69% of total listings. Units of homes sold is impressive. Credit markets must be watched as underwriting guidelines continue to tighten. Condos are barely financeable. Inventory stopped it's slow increase in December and now spring time buyers are gobbling up inventory through the summer. The rental market is softening due to all the investor/first time buyer combination of activity. This adds more supply and creates less demand. I do believe the rental prices being pressured downward is also causing the resale prices to be pressured downward.

New Residents/Employment Conditions:

Las Vegas Area New Resident Count

Total Employment in Las Vegas

  • New Residents (August 2011): 5884, Year Change +9.2%
  • Total Employment (August 2011): 797,300 Year Change -0.0%
  • Unemployment Rate (August 2011) 14.2%, Year Change -1.3%

My analysis: This sector is FINALLY seeing stabilization thus improvement. It is VERY encouraging to seem these numbers improve - even if slightly! Unemployment rate is still painful however the total employed numbers have remained close to stable for a year. Slight increase with unemployment rate since last month.

Tourism/Gaming Conditions:

Las Vegas Area Convention Attendance

  • McCarran Airport Total Passengers (July 2011): 3,692,055 Year Change +4.9%
  • Gaming Revenue (July 2011): $715,533,451, Year Change +3.2%
  • Visitor Volume (July 2011): 3,776,958, Year Change +3.7%
  • Convention Attendance (July 2011): 263,441, Year Change -17.9%
  • Hotel/Motel Occupancy (July 2011): 88.3% Year Change +4.3%

My analysis: This sector (tourism) needs to see some serious price corrections before we see a comeback. Corporate credit is not coming back any time soon. It will be hard to get convention attendance back up without corporate credit. Glad to see regular tourists are making their way here with the imbalance of the other numbers to replace the convention attendee numbers. Visitor Volume, Gaming Revenue & Convention Attendance are encouraging and hopefully sustainable.

Sources: Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles, McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation. Information deemed reliable but not guaranteed. My analysis is my humble opinion


Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

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Comment balloon 5 commentsRenée Donohue • October 08 2011 11:28AM

Comments

Thank you for the information.  I have a friend who drove to Las Vegas from California to view properties in July.  He was surprised at the drop in prices on single family detached homes.  He also learned that there is a lot of competition from other buyers who are in the market to buy.  As soon as he viewed one property, his realtor took him to view another.  He would see the same buyers from the previous property.  He placed offers on a few, but unfortunately someone else overbid.

Thank you.  Have a great weekend.

Posted by Joanne Louise Stevens, Realtor - Serving Brentwood and Surrounding Cities (Keller Williams Realty Los Angeles-Brentwood) over 6 years ago

Hi Renee...Great Report, love your visual charts. Nice to see those plus signs, You certainly know the real estate market in Vegas

Posted by Fred Carver Personal Real Estate Corporation, Accredited Real Estate Consultant (RE/MAX Camosun Victoria BC Real Estate) over 6 years ago

This is the most comprehensive market report I've seen presented. Although the number of new residents have increased, employment is still down. Do you feel that the new residents are attributed in part to the military?

Posted by Sun City Grand Homes Surprise AZ Real Estate Leolinda Bowers Designated Broker Leolinda Realty, Sun City Grand in Surprise Arizona (Leolinda Realty) over 6 years ago

Renee,

Who are these people? It continues to baffle me that people buy new homes when the median price gap to existing homes is so wide. Something doesn't seem to add up.

Posted by Esko Kiuru over 6 years ago

Joanne:  Yep that is common since 2009!

Fred:  Thanks!

Leolinda:  Could be!

Esko:  No doubt, LOL!

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) about 6 years ago

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